Markets Snapshot: 31 Major Stories Telling What’s Happening in the Finance World Today

1. U.S. Stock Market:

“Stocks traded mixed as on Friday ahead of the Memorial Day holiday weekend and digested key economic data. The Dow Jones industrial average held near the flatline, with Home Depot contributing the most losses and Goldman Sachs the most gains. The S&P 500 hovered near breakeven and the Nasdaq composite also traded flat.”

(CNBC)

 

“U.S. stocks flipped between small gains and losses on Friday but were on track for weekly gains, as investors struggled to find fresh reasons to push shares to records after a six-session winning streak ahead of a holiday weekend. The Dow Jones Industrial Average DJIA, +0.02% traded within a 42-point range and was last up 2 points at 21,084. The S&P 500 index SPX, +0.03% traded near break-even levels at 2,415, with the real-estate sector the largest decliner and the materials sector the biggest gainer. The Nasdaq Composite Index COMP, +0.06% rose 3 points to 6,208.”

(Market Watch)

 

“After both the S&P 500 and Nasdaq Composite hit record highs a day earlier, Wall Street traded lower on Friday despite an upbeat revision to first quarter gross domestic product as traders prepared for a long weekend with U.S. stock markets closed for the Memorial Day holiday. At 10:28AM ET (14:28GMT), the Dow Jones dropped 17 points, or 0.08%, the S&P 500slipped 1 point, or 0.03%, while the Nasdaq Composite gave up 1 point, or 0.02%.”

(Investing.com)

 

 

2. U.S. Bond Market:

 

“U.S. government debt prices were lower on Friday as investors digested a fresh batch of economic data. The yield on the benchmark 10-year Treasury notes, which moves inversely to price, was higher at around 2.231 percent, while the yield on the 30-year Treasury bond was also higher at 2.897 percent.”

(CNBC)

“The U.S. Treasuries gained Friday as investors await the country’s first-quarter gross domestic product (GDP), scheduled to be released later in the day. Further, the slightly higher reading of the initial jobless claims, released late yesterday provided support to safe-haven instruments. The yield on the benchmark 10-year Treasury, which moves inversely to its price, plunged 2 basis points to 2.23 percent, the super-long 30-year bond yields also slumped nearly 2 basis points to 2.90 percent and the yield on short-term 2-year note traded nearly 1-1/2 basis points lower at 1.28 percent by 11:00GMT.”

(EconoTimes)

 

3. FX Markets:

 

“The dollar bounced back against other major currencies on Friday, helped by the release of better than expected U.S. economic growth data. EUR/USD fell 0.22% to 1.1186, off session highs of 1.1235. GBP/USD tumbled 0.90% to trade at 1.2825, the lowest since May 26. USD/JPY declined 0.68% to 111.07, while USD/CHF held steady at 0.9729.”

(Investing.com)

 

“The US dollar was strengthening ahead of the publication. EUR/USD slipped under 1.12, GBP/USD is around 1.2840, a drop of over 100 pips. USD/JPY stands out and falls to 111. This is a risk off move.”

(Forex Crunch)

4. Commodities:

 

“Oil prices see-sawed on Friday after OPEC extended cuts in oil production but disappointed investors by not going further, while sterling slid after a poll showed the ruling Conservatives’ lead shrinking two weeks before an election. Brent crude futures were at $50.84 per barrel at 1215 GMT, reversing earlier gains to trade 1.2 percent lower on the day. They were on track to end Friday with a weekly loss of just over 5 percent. U.S. West Texas Intermediate (WTI) crude futures were below $50, at $48.29, down 1.2 percent on the day.”

(Reuters)

“Gold Today –New York closed at $1,256.10 yesterday after closing at$1,257.20 Wednesday. London opened at $1,263.10 today. Silver Today –Silver closed at $17.16 yesterday after $17.19 at New York’s close yesterday. LBMA price setting: The LBMA gold price was set today at$1,265.00 from yesterday’s $1,257.10. The gold price in the euro was set at €1,130.37 after yesterday’s €1,120.81.”

(GoldSeek.com)

 

“Crude oil prices fluctuated on Friday morning after a slump a day earlier. West Texas Intermediate rose to $48.96 a barrel after sliding below the $50 mark on Thursday amid an extension to a global output pact that disappointed investors looking for more. The Organization of Petroleum Exporting Countries agreed in Vienna on a nine-month extension to a production-cut deal set to expire at the end of June.”

(TheStreet)

 

5. Market Movers:

Zoe’s Kitchen Inc (NYSE:ZOES) reported first quarter adjusted EPS of $0.01 after the close Thursday, down from $0.06 a year ago.Zoe’s Kitchen gapped open sharply lower Friday morning and is now down 3.31 at $12.89 with volume at a 3-month high. The stock has been declining for the past 2 weeks and has tumbled to a new low for the year.

(RTT News)

Deckers Outdoor Corp (NYSE:DECK) rose more than 15% on Friday after the company reported better-than-expected fiscal fourth-quarter earnings and raised its outlook for full-year results. The maker of UGGs and TeVa footwear rose 11.8% and now says net sales are expected to be up low single digits over the same period last year, and it projects a diluted loss per share of approximately $1.70 to $1.65 a share loss, compared to a $1.89 a share loss a year ago. For the full year the company said net sales are expected to be in the range of down 2% to flat.

(TheStreet)

 

Shares of GameStop Corp. (NYSE:GME) tanked in premarket trading Friday, a day after its earnings statement exceeded expectations. The stock was down 8 percent shortly before the opening bell. On Thursday, the company reported 3.8 percent net growth in the first quarter on the back of Nintendo Switch hardware sales and said established store sales increased 2.3 percent, despite Wall Street expectations that GameStop would post a decrease in sales.

(CNBC)

When Ulta Beauty Inc. (NASDAQ:ULTA) reported its fiscal first-quarter financial results after the markets closed on Tuesday, the company said that it had $1.91 in earnings per share (EPS) and $1.31 billion in revenue. The consensus estimates had called for $1.79 in EPS and revenue of $1.28 billion. In the same period of last year, the company posted EPS of $1.45 and $1.07 billion in revenue. Comparable sales (sales for stores open at least 14 months and e-commerce sales) increased 14.3%, compared to an increase of 15.2% in the first quarter of fiscal 2016. The most recent comparable sales increase was driven by 8.7% transaction growth and 5.6% growth in average ticket.

(24/7WallSt)

Nutanix Inc (NASDAQ:NTNX) reported a third quarter non-GAAP loss of $0.42 after the close Thursday, compared to the loss of $0.33 a year ago. Street expectations were for a loss of $0.45. Nutanix has gapped open sharply higher Friday and is now up 3.16 at $20.73 on above average volume. The stock has climbed to a 3-month high.

(RTT News)

 

Shares of Big Lots, Inc. (NYSE:BIG) were up more than 4 percent in morning trading after the Columbus-based discount and closeout retailer reported record earnings for the first quarter. The earnings — $51.5 million, or $1.15 per share — handily beat the company’s own predictions as well as Wall Street expectations. While comparable-store sales decreased by 0.9 percent and sales decreased to $1.3 billion, CEO David Campisi said he was pleased by the way the retailer had rebounded from a slow start to the quarter in February.

(The Columbus Dispatch)

Internet services provider Web.com Group Inc (NASDAQ:WEB) shares were up more than 6% on early Friday afternoon following a Reuters report that the company was in buyout talks with private equity firms. Web.com is reportedly engaged in early-stage talks in response to multiple leveraged buyout approaches. The company has a market cap of $1.1 billion and generated $710.5 million in revenue in 2016 after reporting revenue of $543.5 million in 2015.

(TheStreet)

Aside from its chip expertise, the company also growing share in areas like solid-state drives, Marvell also has a strong network processing segment. Marvell’s growth potential in areas like the Internet-of-Things, where the company has begun to lay its foundation with recent product launches, is underestimated. Marvell has established an underrated diversified business — one that has caught the attention of potential suitors. With year-to-date gains of almost 25%, Marvell Technology Group Ltd. (NASDAQ:MRVL) is one of the best-performing stocks in the semiconductor industry, besting the 18% gain in the iShares PHLX Semiconductor ETF (NASDAQ:SOXX). And although MRVL is rising more than 2% Friday on better-than-expected earnings results, these shares can still deliver 15% more, reaching $20 by the end of the year.

(Seeking Alpha)

AmTrust Financial Services Inc (NASDAQ:AFSI) AFSI 13.98% shares climbed 12.8 percent to $14.05 as the company disclosed that it will receive $300 million of common equity capital from private placement.

(Benzinga)

Ryanair Holdings plc (ADR) (NASDAQ:RYAAY) shares hit an all time high of €17.97 on Friday as investors anticipated that the Irish airline would report a strong performance when it publishes 2017 financial results on next week. Analysts at stockbrokers Goodbody speculated that Ryanair could announce plans to return up to €800 million to investors by buying back shares when it publishes its 2016-2017 results on Tuesday. The airline’s stock surged on the Dublin market, closing 1.73 per cent up at €17.93. Dealers said its price hit an all-time high of €17.97 during Friday’s trade.

(Irish Times)

What happened: After Veeva Systems Inc (NYSE:VEEV) reported strong fiscal first-quarter 2018 earnings results, shares of the software and cloud computing company, which caters to the life sciences industry, rose as much as 10% in early morning trading on Friday. As of 1:30 p.m., those gains had moderated to a 7.5% increase.

(Pantagraph)

JinkoSolar Holding Co., Ltd. (NYSE:JKS) shares are being hammered on Friday against a double downgrade by Morgan Stanley. The lowered opinion was based on weak prognostication for the company’s first-quarter results. Q1 Net Profit To Be 50 Percent Lower Than Consensus. Analysts Sheng Zhong and Simon Lee see a 52-percent downside from consensus estimates for the first quarter net profit, impacted by lower margin. According to the analysts, the lower margin was the result of lower ASP and slower cost reduction due to a high polysilicon price and higher OEM fees.

(Benzinga)

United Parcel Service, Inc. (NYSE:UPS) is being hit with a $247 million fine for illegal cigarette shipments. The shipping company was hit with the large fine for sending shipments containing tobacco in New York and NYC. The shipments mostly came from tobacco shops on Indian reserves and weren’t taxed. The court rulings states that United Parcel Service, Inc. has shipped more than 683,000 cartons of untaxed cigarettes since 2010. United Parcel Service, Inc. isn’t happy with the large fine that it is being hit with. The company says that it is much too high for the shipments that only made it $1 million in revenue. The court argues that it doesn’t think modest fines would leave a lasting impact on the company.

(Investor Place)

 

6. Interesting Reads

 

“Teased in the spring slot that Ubisoft usually reserves for announcing and hyping Assassin’s Creed games, the new Far Cry is getting a push by the mega-publisher as the ideal shooter for our precarious times. It’s also a game in which you’ll be able to have your dog rip out a guy’s throat and bring his gun back to you. Above is the debut trailer, which is slated to come out for PS4, Xbox One and PC on February 27, 2018.”

 (Kotaku.com)

 

“If you can’t stand the idea of parting with your morning — and mid-morning and post-lunch — cup of joe, you’re in luck. An analysis published in this month’s issue of BMJ Open found that people who drank one cup of coffee every day had a 20 percent lower risk of developing hepatocellular carcinoma (HCC) — the most common form of liver cancer — than those who don’t drink any coffee.”

(Fox News)

“There is strong evidence that particulate matter (PM) emitted mainly from diesel road vehicles is associated with increased risk of heart attack, heart failure, and death,” said lead author Dr Nay Aung, a cardiologist and Wellcome Trust research fellow, William Harvey Research Institute, Queen Mary University of London, UK. “This appears to be driven by an inflammatory response — inhalation of fine particulate matter (PM2.5) causes localised inflammation of the lungs followed by a more systemic inflammation affecting the whole body. “

(Science Daily)

“The Google Photos Android app surpassed one billion installs from the Google Play Store, as evidenced by its online listing on Google’s digital marketplace. During the latest iteration of the Google I/O developer conference, the Mountain View-based Internet giant said that its mobile photo management tool boasts more than 500 million of monthly active users in total, 200 million more than it did in mid-2016. Being one of Google’s flagship mobile products, Google Photos is updated on a regular basis and has been receiving new features at least once a month ever since the app was launched in 2015.”

(Android Headlines)

“These 10 luxury hotel brands in the world are known for the luxurious experience they provide guests, including over-the-top quality services, extravagant properties, and a consistency across all of their locations. These properties range from ultra-modern hotels to heritage sites located strategically in both urban and remote locations. The luxury brand hotels that made it to our list are big brand names designed tastefully with exquisite fixtures and fittings and have a grandeur that often leaves us awestruck. Though one is required to shell out a wad of cash, the experience is always incredible and unmatched. Different hotels offer different experiences, such as The Mandarin Oriental Hotel, which has several properties in various countries but imbibes its Asian touch across them, either through its culture or cuisine.”

(Insider Monkey)

“Today, hackers can steal your credit card information without leaving their couches. That’s particularly worrisome if you’re taking off for the summer. It’s peak vacation time, but it’s also the perfect season for hackers. As more than 657 million Americans go on vacation between the Memorial Day and Labor Day weekends, they’re vulnerable to cyberattacks that steal their credit card data and personal information. For cyberthieves, resort hotels and airports make for lucrative hunting grounds. It’s no different from why thieves and pickpockets target tourists on vacation: They’re in an unfamiliar setting, they have their guard down and, more importantly, they’ve got money. “It’s like why people rob banks. That’s where the money is,” said Scott Petry, co-founder of the secure browser Authentic8. “If people go to vacation, they go to resorts.””

(CNET.com)

“A pair of malicious hackers say they demanded that Bell pay a $50,000 US ransom to prevent stolen customer data from being shared online, according to a person claiming responsibility for the theft. That person — who communicated with CBC News via encrypted chat using the handle “exodus” — says a ransom email was sent to Bell on May 5, detailing the extent of the breach and the thieves’ terms. Bell apologized to its customers last week after 1.9 million email addresses and approximately 1,700 names and phone numbers were stolen from the company’s systems and posted online. Links to the data were then shared across social media.”

(CBC News)

“If you are searching to see what are the best tasting freshwater fish to eat, you are in the right place. You already know that people started fishing a long time ago, and it is supposed they started doing it in Africa. When people started leaving Africa many years ago, they started sharing their fishing techniques in Iran, India, China, Japan, and America. Back in the day, knowing how to fish was super important for people to survive. They started inventing all kinds of stuff in order to catch more fish in less time. If you want to learn how to catch some fish, you can try with 10 Easiest Fish to Catch.”

(Insider Monkey)